Prices for U.S. imports rise 0.5% in September; export prices record no change

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U.S. IMPORT AND EXPORT PRICE INDEXES - SEPTEMBER 2018
Prices for U.S. imports increased 0.5 percent in September, the U.S. Bureau of Labor Statistics reported
today, after declining 0.4 percent in August and 0.1 percent in July. The September advance was led by
higher fuel prices. U.S. export prices recorded no change in September following declines of 0.2 percent and
0.5 percent the previous 2 months.
Imports
Import prices advanced 0.5 percent in September, the first monthly increase since a 0.9-percent rise in May.
The upturn reversed the declines in each of the previous 2 months. Prices for overall imports rose 3.5
percent from September 2017 to September 2018 and have not recorded an over-the-year decrease since the
index fell 0.2 percent in October 2016. (See table 1.)
Fuel Imports: The price index for import fuels increased 3.8 percent in September, after declining 2.2
percent in August. The September advance was the largest monthly rise since a 6.1-percent increase in May
and was led by higher petroleum prices which more than offset lower natural gas prices. Prices for
petroleum increased 4.1 percent in September following a 2.3-percent decline the previous month. In
contrast, natural gas prices fell 4.0 percent, after decreasing 3.9 percent in August. Fuel prices increased
30.0 percent for the year ended in September, driven by a 32.1-percent advance in petroleum prices. The
price index for natural gas fell 1.3 percent over the past 12 months.
All Imports Excluding Fuel: Prices for nonfuel imports recorded no change in September, after a 0.2-
percent decline in August. Higher foods, feeds, and beverages prices in September offset decreasing prices
for nonfuel industrial supplies and materials and consumer goods. The price index for nonfuel imports
increased 0.6 percent over the past 12 months. The over-the-year advance was driven mostly by a 4.3-
percent rise in nonfuel industrial supplies and materials, although higher prices for consumer goods and
automotive vehicles also contributed to the increase. In contrast, prices for foods, feeds, and beverages fell
over the same period and prices for capital goods recorded no change.
Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials prices decreased 0.4
percent in September following a 0.9-percent drop the previous month. The September decrease was driven
by a 1.4-percent decline in unfinished metals prices and a 1.2-percent drop in prices for selected building
materials.
Finished Goods: Finished goods prices were mostly flat during September. Consumer goods prices edged
down 0.1 percent and the price indexes for capital goods and automotive vehicles both recorded no change.
Foods, Feeds, and Beverages: Import prices for foods, feeds, and beverages advanced 2.0 percent in
September, after a 0.3-percent increase in August. The September advance was led by a 13.7-percent rise in
fruit prices and a 4.5-percent increase in vegetable prices.
Table A. Percent change in Import and Export Price Indexes, selected categories

Month

IMPORTS

EXPORTS

Allimports

Fuelimports

Nonfuelimports

Allexports

Agri-culturalexports

Non-agriculturalexports

2017

September

0.8

5.7

0.3

0.8

-0.7

0.9

October

0.2

0.3

0.1

0.1

2.0

-0.1

November

1.0

9.8

0.0

0.5

-0.7

0.7

December

0.2

3.3

-0.2

0.1

-0.3

0.0

2018

January

0.8

3.3

0.5

0.7

0.0

0.8

February

0.2

-1.8

0.4

0.2

0.6

0.2

March

-0.2

-2.6

0.1

0.4

3.2

0.1

April

0.5

4.0

0.1

0.5

-1.1

0.7

May

0.9

6.1

0.2

0.7

1.6

0.6

June

0.0

2.6

-0.3

0.2

-1.0

0.3

July

-0.1

0.7

-0.2

-0.5

-5.2

0.1

August

-0.4

-2.2

-0.2

-0.2

0.3

-0.2

September

0.5

3.8

0.0

0.0

-1.4

0.2

Sept. 2016 to 2017

2.7

19.4

1.3

2.8

2.1

2.8

Sept. 2017 to 2018

3.5

30.0

0.6

2.7

-2.3

3.3

Exports
U.S. export prices recorded no change in September following declines in each of the previous 2 months.
Those were the first monthly decreases since June 2017. In September, lower agricultural prices offset
increasing nonagricultural prices. Despite decreasing over the past quarter, prices for U.S. exports advanced
2.7 percent for the year ended in September. (See table 2.)
Agricultural Exports: Agricultural export prices fell 1.4 percent in September, after rising 0.3 percent in
August and declining 5.2 percent in July. Overall, agricultural prices decreased 6.2 percent in the third
quarter of 2018. The drop in agricultural prices in September and over the past 3 months was driven by
lower soybean prices which fell 18.8 percent from June to September. The price index for agricultural
exports decreased 2.3 percent over the past year. Declining prices for soybeans, fruits, meat, and nuts all
contributed to the 12-month decrease.
All Exports Excluding Agriculture: Prices for nonagricultural exports rose 0.2 percent in September
following a 0.2-percent decline the previous month. Higher prices for nonagricultural industrial supplies and
materials; capital goods; automotive vehicles; and nonagricultural foods all contributed to the September
advance in nonagricultural prices. The price index for nonagricultural exports increased 3.3 percent over the
past 12 months and has not recorded an over-the-year decline since November 2016.
Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials prices
advanced 0.2 percent in September, after falling 0.7 percent in August. The increase was led by higher
prices for fuel, chemicals, and iron and steel mill products, which more than offset lower nonferrous metals
prices.
Finished Goods: Finished goods prices were mostly up in September. The price indexes for capital goods
and automotive vehicles each edged up 0.1 percent and consumer goods prices recorded no change. The rise
in capital goods prices in September was driven by higher prices for computer peripherals and the increase
in prices for automotive vehicles was led by a 0.1-percent advance in passenger cars prices.
Measures of Import and Export Prices by Locality
Imports by Locality of Origin: Import prices from China edged down 0.1 percent for the third consecutive
month in September. Despite the declines, the price index for imports from China advanced 0.4 percent
from September 2017 to September 2018. Prices for imports from Japan decreased 0.2 percent in
September, after recording no change the previous month. The September decline was the largest monthly
drop since the index fell 0.3 percent in October 2017. Import prices from the European Union also
decreased in September, declining 0.2 percent following a 0.1-percent drop in August. In contrast, prices for
imports from Canada and Mexico increased 0.7 percent and 0.9 percent, respectively. Higher fuel prices
factored into both advances. (See table 7.)
Exports by Locality of Destination: Export prices to China decreased 1.7 percent in September, after
falling 0.2 percent in August and 2.2 percent in July. The index has not recorded a monthly advance since
May. Prices for exports to Japan fell 0.5 percent in September and have not recorded a monthly increase
since a 1.4-percent advance in February. The price index for exports to Mexico edged down 0.1 percent in
September following 0.1-percent increases in August and July. In contrast, export prices to Canada rose 0.4
percent, after advancing 0.2 percent the previous month. The September rise was the largest monthly
increase since a 0.8-percent advance in May. The price index for exports to the European Union recorded no
change, after edging down 0.1 percent in each of the previous 3 months. (See table 8.)
Terms of Trade Indexes: Terms of Trade indexes are based on the country, region, or grouping and
measure the change in the purchasing power of exports relative to imports. The U.S. terms of trade index
with China fell 1.6 percent in September following a 0.1-percent decline in August and a 2.1-percent drop in
July. The decreases over the past 3 months were driven by the drop in export prices to China which were
greater than the declines in import prices from China. The index for U.S. terms of trade with Japan declined
0.3 percent for the second consecutive month, after falling 1.3 percent in July. The U.S. terms of trade also
declined with Canada and Mexico in September, falling 0.4 percent and 1.0 percent, respectively. In
contrast, the index for U.S. terms of trade with the European Union increased 0.3 percent in September
following 0.1-percent declines the previous 2 months. The September increase resulted from lower import
prices from the European Union. (See table 9.)
Import and Export Services
Imports: The index for import air passenger fares increased 10.7 percent in September, the largest monthly
advance since the index rose 10.7 percent in June 2013. The last time the index increased by more than 10.7
percent was a 13.0-percent rise in June 2009. The September advance was led by a 20.3-percent increase in
European fares. Import air passenger fares rose 5.7 percent over the past year, the largest 12-month advance
since a 7.9-percent increase in April. Import air freight prices rose 0.8 percent in September and 3.3 percent
over the past 12 months. (See table 10.)
Exports: Export air passenger fares declined 2.8 percent in September following a 3.7-percent drop the
previous month. The September decrease was driven by a 7.1-percent decline in Asian fares. Despite the
recent decreases, the index for export air passenger fares increased 2.4 percent from September 2017 to
September 2018. Prices for export air freight rose 0.5 percent in September and 3.4 percent over the past
year.
Import and Export Price Index data for October are scheduled for release on Thursday, November 15, 2018 at
8:30 a.m. (EST).

Table 1. U.S. import price indexes and percent changes for selected categories of goods: September 2017 to September 2018[2000=100, unless otherwise noted]

Description

EndUse

Relativeimport-anceAug.2018

Index

Percent change

Aug.2018

Sept.2018

Annual

Monthly

Sept.2017toSept.2018

May2018toJune2018

June2018toJuly2018

July2018toAug.2018

Aug.2018toSept.2018

All commodities

100.000

127.6

128.2

3.5

0.0

-0.1

-0.4

0.5

All imports excluding food and fuels (Dec. 2010=100)

82.530

100.4

100.3

1.0

-0.1

-0.1

-0.2

-0.1

All imports excluding petroleum

89.014

113.2

113.2

0.6

-0.4

-0.1

-0.2

0.0

All imports excluding fuels (Dec. 2001=100)

88.387

117.4

117.4

0.6

-0.3

-0.2

-0.2

0.0

Foods, feeds, & beverages

0

5.857

175.9

179.5

-3.2

-2.7

-1.5

0.3

2.0

Agricultural foods, feeds & beverages, excluding distilled beverages

00

4.571

191.7

196.2

-4.4

-2.9

-2.1

0.6

2.3

Nonagricultural foods (fish, distilled beverages)

01

1.287

140.7

142.0

1.3

-1.9

0.7

-0.4

0.9

Industrial supplies & materials

1

25.910

197.3

200.3

14.8

1.3

-0.3

-1.5

1.5

Industrial supplies & materials excluding petroleum

14.983

157.0

156.2

4.1

0.2

-0.8

-0.9

-0.5

Industrial supplies & materials excluding fuels (Dec. 2001=100)

14.286

179.5

178.7

4.3

0.2

-1.1

-0.9

-0.4

Industrial supplies & materials, durable

9.062

170.2

168.9

2.9

0.3

-1.6

-1.4

-0.8

Industrial supplies & materials nondurable excluding petroleum

5.862

140.3

140.3

5.9

-0.1

0.4

-0.3

0.0

Fuels & lubricants

10

11.613

226.9

235.5

30.0

2.6

0.7

-2.2

3.8

Petroleum & petroleum products

100

10.986

250.7

261.1

32.1

2.8

0.5

-2.3

4.1

Crude

10000

7.860

262.5

278.0

39.7

2.0

0.6

-3.5

5.9

Fuels, n.e.s.-coals & gas

101

0.445

88.2

85.8

1.4

-1.6

8.0

-2.5

-2.7

Gas-natural

10110

0.299

69.3

66.5

-1.3

-5.4

21.2

-3.9

-4.0

Paper & paper base stocks

11

0.591

121.5

121.4

12.8

1.5

1.4

1.0

-0.1

Materials associated with nondurable supplies & materials

12

4.706

162.2

162.5

5.7

-0.2

-0.4

-0.2

0.2

Selected building materials

13

1.649

155.4

153.6

2.8

0.4

-2.0

-2.6

-1.2

Unfinished metals related to durable goods

14

3.864

234.1

230.9

2.1

0.6

-2.7

-2.0

-1.4

Finished metals related to durable goods

15

1.794

160.8

160.5

3.4

-0.7

-0.5

-1.1

-0.2

Nonmetals related to durable goods

16

1.694

114.4

114.7

4.4

0.8

0.5

0.6

0.3

Capital goods

2

26.497

89.3

89.3

0.0

-0.2

0.0

-0.1

0.0

Electric generating equipment

20

3.230

118.1

118.1

0.9

-0.3

0.1

0.1

0.0

Nonelectrical machinery

21

21.046

81.7

81.7

-0.1

-0.2

0.0

-0.2

0.0

Transportation equipment excluding motor vehicles (Dec. 2001=100)

22

2.221

134.7

134.5

0.1

-0.1

-0.1

0.0

-0.1

Automotive vehicles, parts & engines

3

15.701

110.4

110.4

0.1

-0.1

0.0

0.0

0.0

Consumer goods, excluding automotives

4

26.034

107.6

107.5

0.6

-0.3

0.3

0.0

-0.1

Nondurables, manufactured

40

12.867

123.8

123.9

2.0

-0.1

0.9

0.0

0.1

Durables, manufactured

41

11.883

92.6

92.5

-0.6

-0.2

-0.2

-0.1

-0.1

Nonmanufactured consumer goods

42

–

114.9

–

–

-2.1

-1.0

1.0

–

NOTES: Data may be revised in each of the 3 months after original publication.Dash = Not available

Table 2. U.S. export price indexes and percent changes for selected categories of goods: September 2017 to September 2018[2000=100, unless otherwise noted]

NOTES: Data may be revised in each of the 3 months after original publication.Dash = Not available

Table 7. U.S. import price indexes and percent changes by locality of origin: September 2017 to September 2018[2000=100, unless otherwise noted]

Description

Relativeimport-anceAug.2018

Index

Percent change

Aug.2018

Sept.2018

Annual

Monthly

Sept.2017toSept.2018

May2018toJune2018

June2018toJuly2018

July2018toAug.2018

Aug.2018toSept.2018

Industrialized Countries

100.000

125.7

125.8

4.4

-0.2

0.1

-0.2

0.1

Nonmanufacturing

9.561

169.2

176.3

28.3

-0.9

2.5

-0.6

4.2

Manufacturing

89.932

121.6

121.3

2.3

-0.2

-0.2

-0.2

-0.2

Canada

100.000

136.7

137.7

9.5

0.2

-0.1

-0.6

0.7

Nonmanufacturing

25.356

161.8

168.9

29.1

-1.1

2.7

-0.5

4.4

Manufacturing

73.802

133.6

132.9

3.6

0.7

-1.0

-0.5

-0.5

European Union

100.000

137.2

136.9

2.2

-0.3

0.0

-0.1

-0.2

Manufacturing

98.982

133.7

133.5

2.2

-0.3

0.0

0.0

-0.1

France (Dec. 2003=100)

100.000

128.6

128.4

2.4

-0.3

-0.1

0.0

-0.2

Germany (Dec. 2003=100)

100.000

111.9

111.9

-2.8

-0.3

-0.2

0.0

0.0

United Kingdom (Dec. 2003=100)

100.000

121.6

121.5

2.7

0.3

-0.4

-0.4

-0.1

Latin America

100.000

150.8

152.8

4.5

-0.5

0.1

-0.7

1.3

Nonmanufacturing

19.294

271.2

290.1

18.6

-1.4

0.8

-1.9

7.0

Manufacturing

80.434

122.3

122.2

1.4

-0.2

-0.1

-0.4

-0.1

Mexico (Dec. 2003=100)

100.000

128.6

129.8

0.5

-0.2

-0.4

0.1

0.9

Nonmanufacturing (Dec. 2008=100)

9.290

141.8

157.9

8.2

-1.9

2.2

1.1

11.4

Manufacturing (Dec. 2008=100)

90.457

88.2

88.1

-0.2

0.0

-0.6

-0.1

-0.1

Pacific Rim (Dec. 2003=100)

100.000

99.1

99.0

0.6

0.0

-0.1

-0.2

-0.1

China (Dec. 2003=100)

100.000

100.3

100.2

0.4

0.0

-0.1

-0.1

-0.1

Japan

100.000

96.7

96.5

0.7

-0.1

0.2

0.0

-0.2

Asian NICs

100.000

88.9

88.6

1.5

-0.2

-0.2

-0.4

-0.3

ASEAN (Dec. 2003=100)

100.000

98.7

98.6

0.5

-0.2

-0.1

-0.1

-0.1

Asia Near East (Dec. 2003=100)

100.000

192.5

200.6

29.9

2.6

0.1

0.2

4.2

NOTES: Data may be revised in each of the 3 months after original publication.Regions are not mutually exclusive.Dash = Not available

Table 8. U.S. export price indexes and percent changes by locality of destination: September 2017 to September 2018[December 2017=100, unless otherwise noted]

Description

Relativeimport-anceAug.2018

Index

Percent change

Aug.2018

Sept.2018

Annual

Monthly

Sept.2017toSept.2018

May2018toJune2018

June2018toJuly2018

July2018toAug.2018

Aug.2018toSept.2018

Industrialized Countries

100.000

102.3

102.5

–

-0.2

0.0

-0.1

0.2

Nonmanufacturing

6.475

98.9

100.7

–

-2.2

2.7

0.5

1.8

Manufacturing

92.306

102.6

102.7

–

0.0

-0.2

-0.1

0.1

Canada

100.000

104.0

104.4

–

0.2

-0.1

0.2

0.4

European Union

100.000

103.2

103.2

–

-0.1

-0.1

-0.1

0.0

Nonmanufacturing

4.847

100.4

99.7

–

0.1

-3.3

0.4

-0.7

Manufacturing

94.155

103.4

103.4

–

-0.2

0.2

-0.2

0.0

Germany

100.000

101.2

100.8

–

-0.4

-0.2

-0.4

-0.4

Latin America

100.000

103.8

104.0

–

0.3

0.1

0.1

0.2

Nonmanufacturing

6.455

105.7

104.4

–

0.4

-2.8

2.3

-1.2

Manufacturing

93.203

103.7

104.0

–

0.4

0.2

0.0

0.3

Mexico

100.000

102.8

102.7

–

0.3

0.1

0.1

-0.1

Nonmanufacturing

6.226

104.0

103.1

–

0.1

-2.3

1.5

-0.9

Manufacturing

93.375

102.7

102.7

–

0.4

0.2

0.0

0.0

Pacific Rim

100.000

100.3

99.6

–

-0.3

-1.0

-0.5

-0.7

Nonmanufacturing

11.885

96.0

90.6

–

-2.9

-7.1

0.2

-5.6

Manufacturing

85.655

100.9

101.1

–

0.0

-0.2

-0.4

0.2

China

100.000

99.8

98.1

–

-0.6

-2.2

-0.2

-1.7

Nonmanufacturing

18.579

95.3

89.2

–

-2.2

-9.9

1.8

-6.4

Manufacturing

76.943

100.8

100.5

–

-0.3

-0.5

-0.2

-0.3

Japan

100.000

100.1

99.6

–

-0.3

-1.2

-0.3

-0.5

Nonmanufacturing

14.416

95.5

92.2

–

-2.1

-7.4

-1.4

-3.5

Manufacturing

84.662

100.9

101.0

–

0.1

0.0

-0.1

0.1

NOTES: Data may be revised in each of the 3 months after original publication.Regions are not mutually exclusive.Dash = Not available

Table 9. U.S. terms of trade indexes and percent changes by locality: September 2017 to September 2018[December 2017=100, unless otherwise noted]

Description

Index

Percent change

Aug.2018

Sept.2018

Annual

Monthly

Sept.2017toSept.2018

May2018toJune2018

June2018toJuly2018

July2018toAug.2018

Aug.2018toSept.2018

Industrialized Countries

99.6

99.7

–

0.1

-0.1

0.1

0.1

Canada

100.0

99.6

–

-0.1

0.1

0.8

-0.4

European Union

101.2

101.5

–

0.2

-0.1

-0.1

0.3

Germany

104.1

103.7

–

-0.2

0.0

-0.4

-0.4

Latin America

102.5

101.3

–

0.7

0.1

0.8

-1.2

Mexico

103.1

102.1

–

0.5

0.5

0.0

-1.0

Pacific Rim

99.6

99.0

–

-0.3

-0.9

-0.3

-0.6

China

99.6

98.0

–

-0.6

-2.1

-0.1

-1.6

Japan

98.9

98.6

–

-0.2

-1.3

-0.3

-0.3

NOTES: Data may be revised in each of the 3 months after original publication.Regions are not mutually exclusive.Dash = Not available

Table 10. U.S. international price indexes and percent changes for selected transportation services: September 2017 to September 2018[2000=100, unless otherwise noted]

Description

Relativeimport-anceAug.2018

Index

Percent change

Aug.2018

Sept.2018

Annual

Monthly

Sept.2017toSept.2018

May2018toJune2018

June2018toJuly2018

July2018toAug.2018

Aug.2018toSept.2018

Air Freight

Import Air Freight

100.000

187.4

188.9

3.3

-1.1

-2.4

-0.4

0.8

Europe (Dec. 2003=100)

23.848

147.3

145.7

-1.4

-3.5

-0.8

-0.3

-1.1

Asia

63.898

181.1

184.3

5.0

-0.3

-3.3

-0.5

1.8

Export Air Freight

100.000

162.9

163.7

3.4

0.0

-0.1

-0.6

0.5

Europe (Dec. 2006=100)

33.000

148.1

149.1

0.8

0.8

-0.4

-0.2

0.7

Inbound Air Freight

100.000

171.2

173.2

4.1

-0.2

-2.1

-0.3

1.2

Europe (Dec. 2003=100)

25.685

135.7

135.6

-0.7

-2.2

-0.2

-0.7

-0.1

Asia

59.164

162.2

165.5

3.8

0.5

-2.9

-0.2

2.0

Outbound Air Freight

100.000

148.7

144.8

4.2

-0.4

3.4

3.0

-2.6

Europe (Dec. 2003=100)

31.946

148.1

149.1

3.7

0.2

-0.7

0.1

0.7

Asia

45.793

152.7

142.4

6.5

-0.6

8.4

7.4

-6.7

Air Passenger Fares

Import Air Passenger Fares

100.000

163.5

181.0

5.7

7.3

-5.8

-8.8

10.7

Europe

39.902

175.8

211.5

9.6

7.9

-8.5

-12.2

20.3

Asia

24.970

133.1

132.3

-2.1

12.6

-7.9

-8.0

-0.6

Latin America/Caribbean

10.253

157.5

148.8

-2.6

4.6

2.3

-4.2

-5.5

Export Air Passenger Fares

100.000

155.6

151.2

2.4

5.0

1.6

-3.7

-2.8

Europe

28.173

189.4

198.5

-3.8

6.4

0.3

-11.1

4.8

Asia

28.593

145.2

134.9

13.5

7.0

4.4

2.0

-7.1

Latin America/Caribbean

23.916

162.1

153.2

-5.8

4.0

0.9

-1.5

-5.5

NOTES: Data may be revised in each of the 3 months after original publication.Dash = Not available

TECHNICAL NOTE
Import and Export Goods and Services Price Indexes - All indexes use a modified Laspeyres
formula and are not seasonally adjusted. Price indexes are reweighted annually, with a 2-year lag in the
weights. Published series use a base year of 2000=100 where possible. More detailed index series and
additional information may be obtained at www.bls.gov/mxp or by calling (202) 691-7101.
Merchandise Goods Classification Systems - The merchandise price indexes are published using three
classification systems. Items are classified by end use according to the Bureau of Economic Analysis
Classification System, by industry according to the North American Industry Classification System
(NAICS), and by product category according to the Harmonized System (HS). While classification by
end use and product category are self-explanatory, some notes are in order for classifying items by
industry. In the NAICS imports and exports tables, items are classified by output industry, not input
industry. As an example, NAICS import index 326 (plastics and rubber products manufacturing)
includes outputs such as manufactured plastic rather than inputs such as petroleum. The NAICS
classification structure also matches the classification system used by the Producer Price Index (PPI) to
produce the NAICS primary products indexes.
Import Price Goods Indexes - Items are classified by the Harmonized Tariff Schedule of the United
States Annotated (TSUSA). Import prices are based on U.S. dollar prices paid by the U.S. importer. The
prices are generally either "free on board" (f.o.b.) foreign port or "cost, insurance, and freight" (c.i.f.)
U.S. port transaction prices, depending on the practices of the individual industry. The index for crude
petroleum is calculated from data collected by the U.S. Department of Energy.
Export Price Goods Indexes - Items are classified by the Harmonized Schedule B classification system
of the U.S. Bureau of the Census. The prices used are generally either "free alongside ship" (f.a.s.)
factory or "free on board" (f.o.b.) transaction prices, depending on the practices of the individual
industry. Prices used in the grain index, excluding rice, are obtained from the U.S. Department of
Agriculture.
Services Price Indexes - Indexes for import and export air passenger fares calculate changes in the
average revenue received per passenger by foreign carriers from U.S. residents and by U.S. carriers from
foreign residents, respectively. Data are obtained from an airline consulting service and report on tickets
sold by travel agencies, travel websites, and directly by the airlines. Taxes and fees are included in both
the import and export air passenger fares indexes. Import air passenger fares data have used the airline
consulting service source since September 2008. Before April 2018, the export air passenger fares data
were collected directly by BLS from U.S. airlines. The air freight indexes are calculated from data
collected directly from airlines. These data exclude mail and passenger baggage. The scope of the
service being priced is the movement of freight from airport to airport only, and does not include any
ground transportation or port service. The air freight indexes are presented using two definitions:
balance of payments (which represents transactions between U.S. and foreign residents) and
international (which represents transactions inbound to and outbound from the United States.) Fact
sheets specifying detailed information for each services industry are available at www.bls.gov/mxp
under "MXP Publications."
Import Price Indexes by Locality of Origin - Prices used in these indexes are a subset of the data
collected for the import price indexes. The indexes are specific to a country, region, or grouping and,
beginning with January 2002, are based on the North American Industry Classification System (NAICS)
covering goods-producing industries. Nonmanufactured goods are defined as NAICS 11 and 21, and
manufactured goods are defined as NAICS 31-33.
Export Price Indexes by Locality of Destination - Prices used in these indexes are a subset of the data
collected for the export price indexes. The indexes are specific to a country, region, or grouping and are
based on the North American Industry Classification System (NAICS) covering goods-producing
industries. Nonmanufactured goods are defined as NAICS 11 and 21, and manufactured goods are
defined as NAICS 31-33.
Terms of Trade Indexes - Terms of trade indexes measure the relative price of exports in terms of
import prices for a specific country, region, or grouping. The indexes are calculated as one country,
region, or grouping's all-export goods price index divided by the corresponding all-import goods price
index on a scale of 100.
Relative Importance - A relative importance is a specific index's price-updated value share (expressed
as a percentage) of overall imports or exports at a specific point in time. Relative importance values are
affected by the trade weights at the point indexes are reweighted and index changes relative to other
indexes since the reweight point. If an index is rising in value relative to other indexes over time, the
relative importance will increase as well.
Revision Policy - To reflect the availability of late reports and corrections by respondents, monthly data
may be revised in each of the 3 months after original publication. After 3 months, no further data
revisions take place. For example, data first published in the January release will be subject to revision
in the releases for February, March, and April.
Rounding Policy - Index values are rounded to the tenth decimal place after being calculated. All
percent changes are then derived from the rounded index values and subsequently rounded to the tenth
decimal place.
Uses of the Data - The primary use of the indexes is to deflate trade statistics, notably the foreign trade
sector of the National Income and Product Accounts (NIPA) constructed by the Department of
Commerce. Other published indexes are useful for general market analysis. For trade in international
services, balance of payments indexes are used for deflating NIPA, while international indexes are more
appropriate for market analysis.
Email Subscription - The U.S. import and export price indexes news release is available through an
email subscription service at www.bls.gov/bls/list.htm.
Additional Information - More detailed data are available on the Import/Export Price Indexes home
page at www.bls.gov/mxp. For import and export price indexes data requests, send an email to
[email protected]
Information from this release will be made available to sensory impaired individuals upon request.
Voice phone: (202)-691-5200; Federal Relay Service: 1-(800)-877-8339.